Pages

FPM Moot-Points:

Tweet Me Please!

Friday, 19 May 2017

No Smoke Without Fire: Of Reputation: "Leon Cooperman"

NSWF:Reputation Degree

We excerpt-edited the following report to disrepute Leon
“Lying Legacy” Cooperman of Omega Advisors. The indisputable "circumstantial evidence" indicates a systemic legacy of insider at Omega Advisors; and indeed characterised by settlement out of court:

“I’m
not going to let these people destroy my legacy.” Leon
Cooperman in Sept.2016 when the lawsuit was first presented.

The decision by Judge Sánchez could set a
legal precedent about the responsibilities that individuals who
work outside of a publicly-traded company have toward that company
when making an agreement to keep confidential company details under
wraps.

Cooperman, the founder CEO of Omega Advisors, is accused
of making dozens of trades in Atlas Pipeline Partners securities in
2010, netting profits of $4 million, after learning from a company
insider that the troubled oil and gas company was on the verge of a
merger deal

Cooperman learned from an insider that Atlas was
preparing a sale of one of its operations, and he began to buy up the
company’s shares, options, and bonds, the SEC says. Any corporate merger and acquisition (M&A) involving a public company can have insider-trading associated with it.

The SEC accuses Cooperman of trying to cover up
his conversations and, according to its initial complaint filed in
September, has three witnesses to bolster its case.

The SEC has argued that Cooperman
"misappropriated" information from an Atlas executive about
the sale of the Atlas Pipeline unit.

Cooperman's lawyers want the case thrown out
arguing that he may have "broken a promise," if indeed he
agreed not to trade on the information, but that he had not broken
insider trading laws. A "promise" is within the scope of law about disclosure and confidentiality.

In an unusual move, the SEC threw in minor
charges alleging more than 40 instances where Omega flouted reporting
requirements regarding its ownership of other stocks — a seeming
attempt to show disregard for the rules.

The case is replete with allegations of broken
confidentiality, dozens of suspect trades and a pattern of
misconduct; at least three government witnesses confirming
Cooperman’s alleged misdeeds; and even an alleged cover-up.